Miami Mayor Aims to Reduce Carbon Footprint of Bitcoin Miners as City Approves Native Crypto-Coin

Miami in Florida, US has launched it d own token the Miami Coin, based on Bitcoin.

By Radhika Parashar | Updated: 28 September 2021 16:39 IST

Miami Mayor Aims to Reduce Carbon Footprint of Bitcoin Miners as City Approves Native Crypto-Coin

US city Miami has approved its first native crypto coin based on Bitcoin technology

Highlights

Miami approves city-centric crypto-coin called Miami Coin
Mayor addresses concerns on high energy consumption
Offers a nuclear solution to reduce environmental impact

The city of Miami recently approved a new cryptocurrency called Miami Coin, and now Francis Suarez, the mayor of Miami, has proposed the setting up of Bitcoin mining facilities near the Turkey Point nuclear power plant located in the south side of Florida to avoid the environmental impact of Bitcoin mining based on non-renewable energy. In 2019, a study by scientific journal Joule said that Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year in the near future.

Suarez floated the idea on Tuesday, September 28, as per a press release. According to the release, the city of Miami has approved accessing around $5 million (roughly Rs. 37 crores) worth of Miami Coin (MIA), which runs on Bitcoin technology.

The city hopes that mining will pick up pace in and around Miami – but this, in turn, will lead to high energy consumption too.

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This has nudged Suarez to offer to establish Bitcoin mining facilities near the nuclear power plant.

As per the news website Latest News Today, nuclear energy is on the brink of being recognised as a true environmental, social, and corporate governance (ESG) solution in terms of energy.

The development comes ahead of a mega crypto event called “Bitcoin 2022” that Miami is set to host in April next year. As per its official page, this will be the world's largest conference focused on the world's most-valued cryptocurrency, Bitcoin which is trading at over Rs. 34 lakh (roughly over $46,000) as per the Gadgets 360 tracker at the time of writing.

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The massive energy consumption required by mass-level crypto trading and its effects on greenhouse gas emissions has been concern-worthy for many nations including China, Russia, and Morocco among others.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Miami, Miami Coin, Bitcoin, cryptocurrency

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More